BoE surprises with rate hold as inflation forecasts reach 5%

Andrew Bailey

The Bank of England’s monetary policy committee voted to leave interest rates on hold today (November 4), despite widespread market expectations that a rise was on the cards.

The MPC voted by a 7:2 majority to maintain interest rates at 0.1%. Deputy governor Dave Ramsden and external committee member Michael Saunders preferred to increase the bank rate by 15 basis points to 0.25%.

Minutes from the meeting showed that, provided future data was “broadly in line” with the BoE’s central

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